Bitcoin Grinds Lower, Why BTC Bears Aim Larger Decline

Bitcoin price extended its decline below the $31,200 support against the US Dollar. BTC remains at a risk of a larger decline below the $30,000 support zone.

Bitcoin remains in a bearish zone and it even broke the $31,000 support zone.
The price is now trading well below $32,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $31,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to accelerate lower below the $30,500 and $30,000 levels in the near term.

Bitcoin Price Extends Losses
Bitcoin price remains in a downtrend and it is now trading well below the $33,000 pivot zone. BTC extended its decline below the $31,200 support zone and it settled well below the 100 hourly simple moving average.
The price extended its decline and it even traded below $30,650. A low is formed near $30,445 and the price is now consolidating losses. It corrected a few points above the $30,500 level. However, there was no proper follow through above the 23.6% Fib retracement level of the recent drop from the $31,901 swing high to $30,445 low.
An immediate resistance on the upside is near the $31,200 level (the recent breakdown zone). It is near the 50% Fib retracement level of the recent drop from the $31,901 swing high to $30,445 low.
The next key resistance is near the $31,500 level. There is also a major bearish trend line forming with resistance near $31,550 on the hourly chart of the BTC/USD pair. The trend line resistance at $31,500 is also close to the 100 hourly SMA.

Source: BTCUSD on TradingView.com
A close above the trend line resistance could initiate a decent recovery above $32,000. Besides, a proper break above the $32,000 level may push the price towards $33,000.
More Losses in BTC?
If bitcoin fails to recover above the $31,200 and $31,500 resistance levels, there is a risk of more losses. An initial support on the downside is near the $30,500 level.
The first major support is now near the $30,200 zone. The main support is now near the $30,000 level. A close below the $30,000 level could spark a steady decline in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Levels – $30,500, followed by $30,000.
Major Resistance Levels – $31,200, $31,500 and $32,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 42,197.31
ethereum
Ethereum (ETH) $ 2,215.62
tether
Tether (USDT) $ 0.999398
bnb
BNB (BNB) $ 230.26
xrp
XRP (XRP) $ 0.612666
solana
Solana (SOL) $ 60.29
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,213.51
cardano
Cardano (ADA) $ 0.399819
dogecoin
Dogecoin (DOGE) $ 0.089752
tron
TRON (TRX) $ 0.102909
chainlink
Chainlink (LINK) $ 15.43
the-open-network
Toncoin (TON) $ 2.40
avalanche-2
Avalanche (AVAX) $ 22.11
matic-network
Polygon (MATIC) $ 0.793243
polkadot
Polkadot (DOT) $ 5.56
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 42,104.28
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 0.995466
litecoin
Litecoin (LTC) $ 71.95
bitcoin-cash
Bitcoin Cash (BCH) $ 241.03
uniswap
Uniswap (UNI) $ 6.17
leo-token
LEO Token (LEO) $ 3.71
okb
OKB (OKB) $ 57.41
stellar
Stellar (XLM) $ 0.120405
monero
Monero (XMR) $ 169.84
kaspa
Kaspa (KAS) $ 0.139941
true-usd
TrueUSD (TUSD) $ 0.999559
ethereum-classic
Ethereum Classic (ETC) $ 19.85
cosmos
Cosmos Hub (ATOM) $ 9.62
crypto-com-chain
Cronos (CRO) $ 0.094717
internet-computer
Internet Computer (ICP) $ 5.00
near
NEAR Protocol (NEAR) $ 2.19
filecoin
Filecoin (FIL) $ 4.61
hedera-hashgraph
Hedera (HBAR) $ 0.064530
lido-dao
Lido DAO (LDO) $ 2.33
aptos
Aptos (APT) $ 7.40
bittensor
Bittensor (TAO) $ 338.74
thorchain
THORChain (RUNE) $ 6.34
immutable-x
Immutable (IMX) $ 1.43
vechain
VeChain (VET) $ 0.024730
mantle
Mantle (MNT) $ 0.568341
blockstack
Stacks (STX) $ 1.20
binance-usd
BUSD (BUSD) $ 1.00
optimism
Optimism (OP) $ 1.74
quant-network
Quant (QNT) $ 100.78
the-graph
The Graph (GRT) $ 0.151705
aave
Aave (AAVE) $ 96.40
arbitrum
Arbitrum (ARB) $ 1.07
terra-luna
Terra Luna Classic (LUNC) $ 0.000232